Hamleys, a world famous British toy brand has been delighting kids since 259 years. Lately, the brand has, however, seen witnessed a debacle with its decline and has been struggling in the market to generate profits.
Mukesh Ambani’s Reliance Industries has acquired the centuries-old brand in an all-cash deal of around Rs 620 crores.
“Reliance Brands Ltd, a subsidiary of Reliance Industries, and C Banner International Holdings, a Hong Kong-listed company, today signed a definitive agreement for Reliance Brands to acquire 100 percent shares of Hamleys Global Holdings Ltd, the owner of Hamleys brand, from C Banner International,” the company said in a statement.
Darshan Mehta, Reliance Brands President, and CEO, said, “Over the last few years, we have built a very significant and profitable business in toy retailing under the Hamleys brand in India. This 259-year-old English toy retailer pioneered the concept of experiential retailing, decades before the concept of creating unique experiences in brick and mortar retailing became the new global norm,” Darshan Mehta, Reliance Brands President, and CEO, said.
Chinese fashion conglomerate C Banner International which also owns popular retail brands like Steve Madden and Sundance currently owns Hamleys. It acquired the brand in Rs 909 crores back in 2015.
This isn’t the first time that India has sealed the deal with popular international brands. Tata owns luxury car brands like Jaguar Land Rover and international beverage brand famous for its tea, Tetley.
Will Mukesh Ambani be able to save the sinking ship of Hamleys? What are your thoughts on this?